Great Lakes Advisors LLC Takes $669,000 Position in Macy’s Inc (M)

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Great Lakes Advisors LLC purchased a new position in shares of Macy’s Inc (NYSE:M) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 19,250 shares of the company’s stock, valued at approximately $669,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Princeton Capital Management LLC acquired a new stake in Macy’s during the 3rd quarter worth about $104,000. Baker Ellis Asset Management LLC acquired a new stake in Macy’s during the 2nd quarter worth about $112,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in Macy’s during the 2nd quarter worth about $116,000. First Hawaiian Bank acquired a new stake in shares of Macy’s during the 3rd quarter valued at about $147,000. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Macy’s during the 2nd quarter valued at about $150,000. 92.58% of the stock is currently owned by institutional investors.

M stock opened at $31.69 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.24 and a current ratio of 1.35. Macy’s Inc has a 12-month low of $22.47 and a 12-month high of $41.99. The stock has a market capitalization of $9.94 billion, a P/E ratio of 8.41, a PEG ratio of 0.93 and a beta of 0.56.

Macy’s (NYSE:M) last posted its quarterly earnings data on Wednesday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.13. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The company had revenue of $5.40 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the firm posted $0.23 EPS. Macy’s’s revenue was up 2.3% compared to the same quarter last year. As a group, analysts expect that Macy’s Inc will post 4.08 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Friday, December 14th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend is Thursday, December 13th. Macy’s’s payout ratio is 40.05%.

In other Macy’s news, President Harry A. Lawton III sold 28,684 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $36.05, for a total value of $1,034,058.20. Following the transaction, the president now directly owns 54,722 shares of the company’s stock, valued at approximately $1,972,728.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Harry A. Lawton III sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $33.09, for a total transaction of $6,618,000.00. Following the completion of the transaction, the president now directly owns 226,038 shares in the company, valued at $7,479,597.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 233,312 shares of company stock worth $7,817,972. 2.36% of the stock is currently owned by insiders.

A number of equities research analysts have recently commented on M shares. Zacks Investment Research cut Macy’s from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. ValuEngine cut Macy’s from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Deutsche Bank raised their target price on Macy’s from $35.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, November 15th. Standpoint Research cut Macy’s from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. Finally, Canaccord Genuity upgraded Macy’s from an “average” rating to a “buy” rating and set a $5.50 target price on the stock in a research report on Friday, November 16th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $34.30.

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Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

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Institutional Ownership by Quarter for Macy`s (NYSE:M)

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